PayPal agrees $2.2bn deal for Swedish payments firm iZettle

The startup has been compared to Square, a payments platform co-founded by Twitter chief executive Jack Dorsey that made it easy to take credit card payments using smartphones or tablets.

Reports last month suggested that PayPal could be moving into supplying debit cards as it looks to expand its reach into the wider payments world. The news came just after iZettleannounced last week that it would list an IPO on the Nasdaq in Stockholm later this year.

Schulman described the merging of iZettle and PayPal as a "strategic fit" combining shared values and culture with complementary product offerings and geographies.

iZettle CEO Jacob de Greer and the company's management team will continue to lead the business, which expects to process US$6 billion in payments in 2018, the report said.

PayPal, the American company that operates worldwide in the online payment space, is acquiring iZettle, a Stockholm-based company that offers a range of payment and commerce solutions. PayPal and iZettle have been in talks for years regarding a possible acquisition, but it was being delayed due to multiple reasons.

"The combination of PayPal and iZettle brings together iZettle's in-store expertise, digital marketing strength and mobile point-of-sale technology with PayPal's global scale, online and mobile payments leadership and trusted brand reputation, to support merchants and consumers in more ways", Schulman said.

iZettle was on the verge of going public. "Upon closing, we will gain in-store capabilities in 11 markets, near-term in-store expansion opportunities into other existing PayPal markets, and the acceleration of omnichannel commerce solutions in Australia, U.K., and the U.S". The transaction is expected to close in the third quarter of 2018.

The deal will also help PayPal provide a more comprehensive suite of services to its merchants.

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